Dominant bias for XRP- Ranging
Resistance Levels- $0.6000 $0.6500, $0.7000
Support Levels- $0.3500, $0.3000. $0.2500
XRP continues in a range-bound market. The bullish pressure from the morning star formation of 23rd October was terminated at $0.4853 in the resistance area. Momentum for continuation was absent as candles closed with wicks. The bears returned was confirmed with two inverted hammers as the cryptocurrency began the journey to the south within the range. XRPUSD was down to $0.4611 below the two EMAs before the close of yesterday trading session.
The Bears’ momentum was sustained at the opening today with XRPUSD initially down to $0.4574 in the support area.
XRP Price is below the two EMAs an indication of the Bears’ pressure. Momentum to the downside within the range is further confirmed by the stochastic oscillator at 42%, and its signal points down.
XRP is in consolidation and trading between $0.4819 in the upper resistance area and at $0.4425 in the lower support area of the range. Traders should be patient at this period and allow a breakout at the upper resistance area or breakdown at the lower support area before taking a position with good reversal candlestick pattern that confirms the direction.